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A meta-model of income distribution

In: Income Distribution, Growth and Unemployment

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Abstract

This Chapter faces the problem of instability from a global point of view. Differently from what happened in the growth cycle models, where a local analysis in the proximity of steady state has been put forward, in the present Chapter a regime-switching device is introduced in order to thwart instability. It is well known that this technique is based upon three cornerstones: i) the existence of a threshold separating the regimes; ii) the presence of two different steady states; iii) the change in the parameters of strategic equations. These hypotheses are capable of generating a meta-model where the dynamic process is rooted in a series of disequilibrium processes that create a discrepancy between steady state and the actual rate of growth. This creates a blow to the syntax of the income distribution debate (IDD) because a model can be either profit-led (PLM) or wage-led (WLM) according to the time period considered.

Suggested Citation

  • ., 2022. "A meta-model of income distribution," Chapters, in: Income Distribution, Growth and Unemployment, chapter 12, pages 164-183, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21213_12
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    Cited by:

    1. Nicolò Bird & Ganga Tilakaratna & Louise Moreira Daniels & Shilohni Sumanthiran & Élise Chrétien & Krista Alvarenga & Pedro Arruda, 2022. "Public expenditure analysis for social protection in Sri Lanka," Research Report 74, International Policy Centre for Inclusive Growth.
    2. Hanley, Brenda J. & Carstensen, Michelle & Walsh, Daniel P. & Christensen, Sonja A. & Storm, Daniel J. & Booth, James G. & Guinness, Joseph & Them, Cara E. & Ahmed, Md Sohel & Schuler, Krysten L., 2022. "Informing Surveillance through the Characterization of Outbreak Potential of Chronic Wasting Disease in White-Tailed Deer," Ecological Modelling, Elsevier, vol. 471(C).

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